Page 10 - Economy

Mobile wallet payments in India to surpass Rs 531 trn in 2028: GlobalData

The value of mobile wallet payments in India, as per a GlobalData report, grew at a CAGR of 72.1 per cent between 2019 and 2023 to reach Rs 202.8 trillion in 2023

RBI wants inflation elephant in the forest. Can pricier oil bring it back?

After witnessing sustained moderation, cost push pressures faced by firms, the RBI said, are showing upward bias

Fiscal deficit at Feb-end touches 86.5% of full-year target: Govt data

The government's fiscal deficit at Rs 15 lakh crore touched 86.5 per cent of the revised annual target at the end of February, according to official data released on Thursday. In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 82.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23. For 2023-24, the government's fiscal deficit is estimated at Rs 17.35 lakh crore or 5.8 per cent of the GDP. The government's total receipts stood at Rs 22.45 lakh crore (81.5 per cent of corresponding RE 2023-24 of total receipts) as of February 2024, according to the data released by Controller General of Accounts (CGA). The total expenditure incurred by the Centre was Rs 37.47 lakh crore (83.4 per cent of corresponding RE 2023-24).

US revises economic growth estimate to 3.4% annual pace for Oct-Dec quarter

The US economy grew at a solid 3.4 per cent annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. The government had previously estimated that the economy grew at a 3.2 per cent annual rate last quarter. The Commerce Department's revised measure of the nation's gross domestic product the total output of goods and services confirmed that the economy decelerated from its sizzling 4.9 per cent rate of expansion in the July-September quarter. But last quarter's growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software. It marked the sixth straight quarter in which the economy has grown at an annual rate above 2 per cent. For all of 2023, the US economy the world's biggest grew 2.5 per cent, up from 1.9 per cent in 2022. In the current January-March quarter, the economy is believed to be growing at a .

BS Manthan: From Viksit Bharat by 2047 to AI, Here's what happened on Day 1

At the Business Standard's annual event, FM Nirmala Sitharaman talked about opportunities in the public sector companies, while industry leaders talked about upcoming technologies and challenges

Manufacturing boost propels business activity to 8-month high in March

HSBC Flash India Composite PMI (Purchasing Managers' Index) Output Index rises to 61.3

Japan's exports rise nearly 8% in Feb on shipments of cars, machinery

Japan's exports rose 7.8 per cent in February from a year earlier on strong shipments of cars and electrical machinery, the government said on Thursday. Exports in February totaled 8.2 trillion yen (USD 55 billion), marking the third straight month of growth, according to preliminary customs data. The report showed the trade deficit sank by more than half on-year to 379 billion yen (USD 2.5 billion), marking the second straight month of a deficit. Exports to China rose just 2.5 per cent and those to all of Asia edged 2.3 per cent higher on-year, suggesting that demand has moderated. Exports to the United States rose 18 per cent and exports to the EU were up almost 16 per cent. The picture for imports was mixed, with China supplying 1.7 trillion yen (USD 236 billion), a nearly 17 per cent annual increase that more than doubled Japan's deficit with its giant neighbour. In all, imports edged up 0.5 per cent, totalling nearly 9 trillion yen (USD 60 billion), as prices for key commodit

Banks' asset quality to improve in next six months as economy grows: Survey

FICCI, Indian Banks' Association survey had 23 respondents represent 77% of industry by asset size

NZ slips into its second recession in 18 months as economy contracts

New Zealand has entered its second recession in 18 months after the latest round of GDP figures confirmed its economy contracted in the last quarter of 2023. The country's economy shrank by 0.1 per cent in the quarter to December, and 0.7 per cent in per capita terms, the New Zealand's official statistics agency, Stats NZ, announced on Thursday. The latest slip follows a 0.3 per cent contraction in the September quarter, which fulfils the technical definition of a recession. It is New Zealand's second recession event in the past 18 months. Stats NZ said the country New Zealand had returned negative GDP figures in four of the last five quarters, and had a stagnant annual growth rate of just 0.6 per cent. The slump was largely expected with New Zealand's central bank forecasting a flat figure, while bank economists suggested a range of results between a narrow contraction and fractional growth. The data made for worse reading in a per capita context with the last five quarters all .

IMF reaches staff-level agreement with Pakistan to disburse $1.1 billion

The funds are the final tranche of a $3 billion last-gasp rescue package Pakistan had secured last summer, which averted a sovereign debt default. Islamabad is also seeking another long-term bailout

FY24 GDP growth to be closer to 8% on higher activity in industry: CEA

India's real GDP growth in FY24 will be "closer" to 8 per cent on higher activity in industry and services verticals, Chief Economic Advisor V Anantha Nageswaran said on Tuesday. Addressing a conference organised by ARIA (Association of Registered Investment Advisors) virtually, Nageswaran said the growth will be higher than the Ministry of Statistics' estimate of 7.6 per cent, and added that there is much reason to be optimistic in the near term about the prospects in India. "...unless the Q4 GDP numbers fall very significantly from the momentum that we have seen in the first three quarters, the GDP will be closer to 8 per cent rather than 7.6 per cent as the Ministry of Statistics is currently estimating," Nageswaran said. However, he stressed on the need to put heads down and work towards the goal without "succumbing to triumphalism and exuberance". "As a country, we should realize that we are in it for the longer haul, not for the short term," he said, adding that the ...

Rupee ends higher on dollar inflows, likely RBI intervention caps rise

"The rupee has broken a key support level of 82.80 given robust inflows, solid fundamentals and a weakening dollar," said Amit Pabari, managing director at forex advisory firm CR Forex

Fitch upgrades Turkey's sovereign rating to B+ on tighter monetary policies

"Upgrade reflects increased confidence in the durability and effectiveness of policies implemented since the pivot in June 2023," Fitch said

Uttar Pradesh govt acquires around 1,000-acre land near expressways

Yogi Adityanath government is estimated to incur Rs 4,000 crore on acquiring land flanking the expressways, especially at the entry and exit points for faster transportation and logistics

Hiring spree: US companies added 140,000 jobs in February, shows ADP data

Private payrolls increased by 140,000 last month after a 111,000 gain in January, according to figures published Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy

China's exports likely slowed in Jan-Feb period as factories struggle

The head of the state economic planner said on Wednesday that China's exports for January-February rose by 10%, but did not state whether that was in yuan or dollar terms

China scraps Premier Li Qiang's briefing, breaking years of convention

This year's annual legislative session will run from Tuesday to March 11, making it one of the shortest meetings of China's parliament, outside pandemic years

PM Shehbaz Sharif vows to revive Pakistan economy; to secure G20 membership

Pakistan's newly-elected Prime Minister Shehbaz Sharif on Sunday vowed to do a "deep surgery" and bring changes in the system to bring the cash-strapped country out of the alarming debt crisis and secure G20 membership by 2030. Shehbaz, who was the consensus candidate of the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP), became the Prime Minister on Sunday for a second time after receiving 201 votes in the 336-member Parliament.

India eliminates extreme poverty: Economists citing consumption expenditure

India has eliminated extreme poverty, a commentary authored by economists Surjit Bhalla and Karan Bhasin in a leading American think-tank The Brookings Institution said, citing the just released consumption expenditure data for 2022-23. In the article, the two noted economists cite the data to say real per capita consumption has grown 2.9 per cent per annum since 2011-12, with rural growth at 3.1 per cent being significantly higher than urban growth of 2.6 per cent. Also, there has been an unprecedented decline in urban and rural inequality. The urban Gini declined from 36.7 to 31.9; the rural Gini declined from 28.7 to 27.0. The Gini coefficient, or the Gini index, measures the inequality of income distribution, whereas a higher value closer to one (or 100 per cent) represents greater inequality. "In the annals of inequality analysis, this decline is unheard of, and especially in the context of high per capita growth," the article states. High growth and a large decline in inequa

Delhi per capita income rises by 22%, economy to grow at 9.17% in FY24

Delhi's per capita income increased by 22 per cent in two years to Rs 4.61 lakh in 2023-24, Finance Minister Atishi said on Friday while projecting a 9.17 per cent economic growth for the current financial year. Tabling the Economic Survey for 2023-24 in the Assembly, the Delhi finance minister said the city's economy has grown at a record pace despite hurdles created by the Centre, LG and officers in the work of the Kejriwal government. Atishi said that the Gross State Domestic Product (GSDP) of Delhi at current prices is likely to reach Rs 11,07,746 crore in 2023-24 with a growth of 9.17 per cent. "The GSDP of Delhi in 2022-23 was Rs 10,14,000 crore. In post-COVID times, our real GSDP grew at 8.76 per cent in 2021-22 and 7.85 per cent in 2022-23, faster than the rest of the country," she said. Delhi's contribution to the national GDP is nearly 4 per cent despite its population being just 1.5 per cent of the total population of the country, she said. Atishi said that the Delhi ..